Reinsurance credits; conforms Virginia's law regarding credits to insurers for reinsurance, etc. (HB154)

Introduced By

Del. Terry Kilgore (R-Gate City)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Reinsurance credits. Conforms Virginia's law regarding credits to insurers for reinsurance ceded to approved assuming insurers to the provisions of the Credit for Reinsurance Model Law of the National Association of Insurance Commissioners. The bill eliminates the reinsurance collateral requirements for assuming insurers that are domiciled in or have their head office in a reciprocal jurisdiction, which is defined in the bill. Under the bill, such assuming insurers are required to maintain a minimum capital and surplus, maintain a minimal solvency or capital ratio, as applicable, and provide notice to the State Corporation Commission in the event of noncompliance of any requirements. The bill requires the Commission to create and publish a list of reciprocal jurisdictions and assuming insurers. Read the Bill »

Status

02/17/2020: passed committee

History

DateAction
12/19/2019Committee
12/19/2019Prefiled and ordered printed; offered 01/08/20 20102589D
12/19/2019Referred to Committee on Labor and Commerce
01/11/2020Impact statement from SCC (HB154)
01/16/2020House committee, floor amendments and substitutes offered
01/16/2020Reported from Labor and Commerce with substitute (22-Y 0-N) (see vote tally)
01/16/2020Committee substitute printed 20104676D-H1
01/20/2020Read first time
01/21/2020Engrossed by House - floor substitute HB154H1
01/21/2020Read second time
01/21/2020Committee substitute agreed to 20104676D-H1
01/21/2020Engrossed by House - committee substitute HB154H1
01/22/2020Impact statement from SCC (HB154H1)
01/22/2020Read third time and passed House BLOCK VOTE (100-Y 0-N)
01/22/2020VOTE: (100-Y 0-N) (see vote tally)
01/23/2020Constitutional reading dispensed
01/23/2020Referred to Committee on Commerce and Labor
02/17/2020Reported from Commerce and Labor (15-Y 0-N)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 20 seconds.

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